The Goldman Sachs Group Has Lowered Expectations for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its target price reduced by The Goldman Sachs Group from $9.00 to $8.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

SHLS has been the subject of several other reports. Piper Sandler reduced their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their target price for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Bank of America initiated coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. Guggenheim decreased their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Finally, Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. Three analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $9.58.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $4.73 on Wednesday. The firm has a 50-day moving average of $5.05 and a two-hundred day moving average of $5.48. The company has a market capitalization of $788.49 million, a price-to-earnings ratio of 23.65, a PEG ratio of 0.50 and a beta of 1.64. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a twelve month low of $4.07 and a twelve month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s quarterly revenue was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 earnings per share. As a group, analysts expect that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 6,460 shares of company stock worth $30,271 in the last 90 days. 1.67% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors have recently bought and sold shares of SHLS. Canada Pension Plan Investment Board increased its holdings in shares of Shoals Technologies Group by 92.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 100,300 shares of the company’s stock valued at $626,000 after acquiring an additional 48,200 shares during the last quarter. Ensign Peak Advisors Inc grew its holdings in Shoals Technologies Group by 42.4% during the second quarter. Ensign Peak Advisors Inc now owns 82,623 shares of the company’s stock valued at $516,000 after purchasing an additional 24,600 shares during the last quarter. Point72 DIFC Ltd raised its position in shares of Shoals Technologies Group by 12.8% in the second quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock valued at $341,000 after purchasing an additional 6,206 shares during the period. AQR Capital Management LLC lifted its stake in shares of Shoals Technologies Group by 505.8% in the second quarter. AQR Capital Management LLC now owns 1,020,428 shares of the company’s stock worth $6,367,000 after buying an additional 851,978 shares during the last quarter. Finally, Decade Renewable Partners LP boosted its holdings in shares of Shoals Technologies Group by 7.8% during the 2nd quarter. Decade Renewable Partners LP now owns 646,997 shares of the company’s stock worth $4,037,000 after buying an additional 46,990 shares during the period.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.